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Discovery Inc.


The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Discovery Inc. (“Discovery” or the “Company”) (NASDAQ: DISCA, DISCK) Series A or Series C common stock from March 22, 2021 through March 29, 2021, inclusive (the “Class Period”). Investors have until March 8, 2022 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
 
Discovery is a media company that provides content across various distribution platforms in approximately 50 languages worldwide.
 
During the week of March 22, 2021, Defendants sold a large number of Discovery shares while in possession of material, non-public information. According to subsequent media reports, Defendants unloaded large block trades late Thursday, March 25, 2021, before the Archegos story reached the public, consisting of shares of Archegos’ doomed bets, including billions worth of Discovery securities, sending Discovery’s stock into a complete tailspin. On this news, the Company’s Series A (DISCA) share price declined by $33.42 per share, or approximately 44.77%, from $74.65 per share on March 22, 2021 to close at 41.23 per share on March 29, 2021. The Company’s Series C (DISCK) share price declined by $29.62 per share, or approximately 45.75%, from $64.74 per share on March 22, 2021 to close at 35.12 per share on March 29, 2021.
 
The lawsuit alleges throughout the Class Period, Goldman Sachs and Morgan Stanley sold a large amount of Discovery shares during the Class Period while in possession of material, non-public information about Archegos and its need to fully liquidate its position in the Company because of margin call pressure. As a result of these sales, Defendants Goldman Sachs and Morgan Stanley avoided billions in losses combined.
 

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